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Econometrics in a Formal Science of Economics
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Econometrics in a Formal Science of Economics: Theory and the Measurement of Economic Relations

Bernt P. Stigum

Abstract

Econometrics is a study of good and bad ways to measure economic relations. This book discusses the role economic theory ought to play in such measurements. The role theory should play, depends on the researcher’s ideas about the essence of an economic theory. A researcher who believes that his theory is about the actual workings of an economy, can identify his theory’s variables with objects in social reality and solve his measurement problems with the means that present-day econometrics provides. A researcher who believes that his theory is about imaginary matters that have uncertain relatio ... More

Keywords: Measurement of economic relations, essence of an economic theory, social reality, imaginary matters, present-day econometrics, formal econometrics, theory universe, bridge principles, upper data universe, lower data universe

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780262028585
Published to MIT Press Scholarship Online: September 2015 DOI:10.7551/mitpress/9780262028585.001.0001

Authors

Affiliations are at time of print publication.

Bernt P. Stigum, author
University of Oslo